Hello. I was recently approached by Mineral Resources Company to purchase all of our net mineral acres in Carter County Ok 18-3s-3w. . Three questions: are net mineral acres the same as the full acreage listed in the purchase agreement? and is there an average price per acre in that section? and if you were offered in the range of 10-15k per acre, would that be good? poor? reasonable? I am brand new to this and just found out about the inheritance and this forum..thanks in advance!
Welcome to the forum.
Suggest that you slow down a bit and get more information before making a decision. Have you contacted Continental Resources to get into pay status on the current horizontal well? It has a long life left to it. There may be additional wells drilled in the future.
Not knowing what is on the purchase agreement, could not say. Some have different wording and actually trick folks into selling everything they have, not just what was originally talked about. You have to compare the purchase offer to what is currently producing and its value plus what the minerals are worth in the future. Continental is extremely busy nearby drilling infill wells. Most offers to buy are lowball and they know what wells are coming. Read the posts in this county and get up to date. Figure out if you want cash now or are willing to wait for the future potential that might be higher.
Thank you so much. this process is overwhelming as I discover ore and more about this inheritance chain. I found a documnent showing my mother signed a lease with Robert Larson?? in 1967 for Lot and 4 of section 30, twnship 3 south, range 3 west: " the south 20.87 acres of lot 3, the northwest 10 acres of lot 4 and it specifically states 10 acres of the total lot, the west 21 acres of lot 4., then section in 25 se\4 ne\4 se\4, n\2 se\4 se\4, se\4 se4\ se\4. the same document also has a stamp to send to Green Wing Energy. Does that company still exist? ty!